The park will be a Magic Kingdom-style, one of the largest foreign investments in China, ever.
Disney's progress toward building a theme park in Shanghai took a step forward with the Chinese government's approval of the company's application to build, the company announced on Tuesday.
The Project Application Report was for a Disney theme park in the Pudong district of Shanghai, and was approved by relevant authorities of the central government of China.
“China is one of the most dynamic, exciting and important countries in the world, and this approval marks a very significant milestone for The Walt Disney Company in mainland China,” said Robert Iger, president and CEO of The Walt Disney Company.
The application approval will enable Disney and its Shanghai partners to move forward toward a final agreement to build and operate the park and begin preliminary development work. The New York Times reported that the park will cost $3.5 billion, and is scheduled to be completed in five or six years.
Upon completion of the final agreement, the project’s initial phase would include a 1,000-acre, Magic Kingdom-style theme park with characteristics tailored to the Shanghai region and other amenities consistent with Disney’s destination resorts worldwide.
Disney parks currently include: Disneyland Resort, Anaheim, Calif.; Walt Disney World Resort, Lake Buena Vista, Fla.; Tokyo Disney Resort, Urayasu, Chiba, Japan; Disneyland Paris, Marne-la-Vallée, France; and Hong Kong Disneyland Resort, located on Lantau Island.